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Cryptocurrency analyst Cantonese Cat (@cantonmeow) suggests a scenario in which Dogecoin could reach $1 or even $2 relatively quickly. Posting on
Why Dogecoin is more bullish than last cycle
In a recent YouTube video, Cantonese Cat provided an in-depth technical analysis, comparing Dogecoin’s current cycle to its previous historical trajectory. The analyst highlighted that in the last session the price faced rejection around the 0.786 Fibonacci level (logarithmic scale) before pulling back and consolidating at the 0.618 level for about four weeks.
However, this time, Dogecoin appears to be maintaining price action above the 0.786 Fibonacci record level without a deeper correction. According to Cantonese Cat, “We are so far above the 0.786 level. This is crazy. It looks like it just wants to keep going higher to form a very nice bull flag.”
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Looking at the weekly Ichimoku Cloud signals and higher time frame indicators, the analyst emphasized that multiple technical factors appear consistent with further upward momentum. “If you also look at the Ichimoku (Cloud) Weekly, we chose that convincingly,” he explained.
Referring to the monthly chart, he added: “We broke the monthly cloud very convincingly and here, in January 2021, we just broke it in one fell swoop. Here (last month) we broke it in November, we hit the 0.786 Fibonacci level here, we were rejected and we broke (0.786 in the first days of December).”
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The analyst also noted that, unlike the previous cycle, Dogecoin is not showing a significant pullback before attempting higher levels: “It doesn’t really want to do a big backtest or anything. It’s got kind of a close backtest of the monthly (cloud), and it hasn’t You’re really getting there, so it’s all very bullish.
Cantonese Cat believes Dogecoin may soon challenge its all-time highs, citing its overall more bullish chart structure compared to the previous cycle. “I think DOGE will hit all-time highs relatively soon. Even the monthly SuperIchi is ready… and this is a fairly bullish chart.
The analyst pointed to potential Fibonacci extension targets at $2.3 (1.414 extension) or even $4 (1.618 extension), confirming that these levels, although looking high, theoretically remain on the table given current market conditions. “It’s crazy to think about because of the market cap, but so far I can’t deny the way this looks right now — it actually looks a little bit more bullish than last cycle.”
At press time, DOGE was trading at $0.44.
Featured image created with DALL.E, a chart from TradingView.com